Consolidated Financial Results for the Fiscal Year Ended March 31, 2015 & Business Overview

(First section of TSE: 3231)

09 Progress of Mid- to Long-term Business Plan

15 Operating Results by Segment

32 Other Topics

＜Summary＞

 Although operating income in FY15/3 decreased due to a partial moving-out of TOSHIBA Corporation from the Hamamatsucho Building, the residential development business marked the record-high unit sales of 7,021 units. Operating revenue and net income achieved the highest level.

 Shareholders’ equity ratio improved to 28.8%. ROA slightly declined to 5.4%, while ROE substantially rose to 10.3%. Both are top levels in major industry peers.

 FY16/3, the final year of Phase I, is expected to grow in operating revenue and operating income due to leasing up of the Hamamatsucho Building and increased property sales to the Group’s REITs, etc. Operating revenue is expected to renew the record high.

 FY16/3 is a shifting period to a growth stage. We are to accelerate redevelopment and complex development as well as property development, while maintaining financial strength. In addition, we will start full-fledged new businesses including senior and overseas.

 Annual dividend of FY16/3 is planned to be 50 yen, which would be a dividend increase for four fiscal years in a row.

FY14/3 FY15/3 (Billions of yen) Actual Actual Changes Key Factors *Figures rounded down to the nearest 100 million yen ① ② ②－① Operating revenue 532.0 567.1 ＋35.1 Operating gross profit 159.3 162.0 ＋2.7 ・Increase in housing unit sales Selling, general and administrative expenses 85.0 90.1 ＋5.1 ・Partial moving-out of Toshiba Corporation from Hamamatsucho Building Operating income 74.3 71.8 −2.4 ・Rebound from the recording of asset acquisition fee related to IPO of Non-operating income 1.4 1.6 ＋0.2 Nomura Real Estate Master Fund in FY14/3 Non-operating expenses 11.6 9.9 −1.7 Ordinary income 64.0 63.6 −0.3 Extraordinary income 0.9 2.5 ＋1.5 Extraordinary losses 16.5 8.1 −8.4 ・Decrease in impairment loss Income taxes 20.1 15.4 −4.7 Minority interests in income 1.4 4.2 ＋2.7 Net income 26.8 38.4 ＋11.5 Net income per share (yen) 140.70 201.28 ＋60.58 Cash dividends per share (yen) 35.00 45.00 ＋10.00

Net cash provided by (used in) operating activities ＋83.5 ＋23.8 −59.6 Net cash provided by (used in) investment activities −20.1 −32.4 −12.2 Net cash provided by (used in) financing activities −57.8 −8.9 ＋48.8 Cash and cash equivalents at end of period 67.9 50.4 −17.5

Mar 31, 2014 Mar 31, 2015 Changes (Billions of yen) Key Factors ① ② ②－① Total assets 1,313.8 1,369.2 ＋55.3 ・Increase in inventories including housing land and property development Total interest-bearing debt 617.5 616.7 −0.8 Shareholders' equity 355.6 394.0 ＋38.3 Shareholders' equity ratio 27.1% 28.8% ＋1.7P Debt/equity ratio 1.7 1.6 －0.1

 Operating revenue marked the highest record due to a record-high housing unit sales.  Operating income slightly decreased due to a partial moving-out of TOSHIBA Corporation from Hamamatsucho Building and a rebound from acquisition fee related to IPO of Nomura Real Estate Master Fund (NMF).

FY14/3 FY15/3 Key Factors of Changes by Segment (Billions of yen) Actual Actual Changes Residential ① ② ②－① Development Leasing Operating revenue ･Rebound from acquisition 532.0 567.1 ＋35.1 fee related to IPO of NMF +2.6 －2.3 in FY14/3 Residential Development 307.6 359.3 ＋51.7

Leasing 99.8 92.8 −6.9 Property & Property －3.0 Facility Investment Management 18.3 9.1 −9.1 Brokerage Management Other Adjustments Property Brokerage & CRE 29.1 30.2 ＋1.0 & CRE ＋0.3 －0.3 Investment ＋0.0 Property & Facility Management 72.1 71.6 −0.5 +0.3 Management Other 18.6 17.7 −0.8 ･Partial moving-out of a tenant from Adjustments −13.7 −13.9 −0.1 Hamamatsucho Building Operating income 74.3 71.8 −2.4 ・Record-high housing unit sales Residential Development 31.1 33.8 ＋2.6 74.3 71.8 Leasing 26.8 24.4 −2.3 Investment Management 7.9 4.8 −3.0 Property Brokerage & CRE 8.1 8.4 ＋0.3 Property & Facility Management 5.1 5.4 ＋0.3 Other 0.5 0.1 −0.3 Adjustments −5.3 −5.3 ＋0.0

FY14/3 FY15/3 Actual Actual

As of As of Changes (Billions of yen) Mar 31, 2014 Mar 31, 2015 Key Factors ① ② ②－① Assets 1,313.8 1,369.2 ＋55.3 Current assets 496.9 549.3 ＋52.3 （Breakdown） Mar 31, 2014 Mar 31, 2015 Changes Cash and deposits / Short-term investment securities 67.9 50.4 −17.5 Residential 281.6 338.5 ＋56.8 Notes and accounts receivable-trade 14.7 15.0 ＋0.2 Property development 64.0 89.6 ＋25.5 Inventories 349.1 429.7 ＋80.5 Other business 3.4 1.6 −1.7 Equity investments 7.1 6.3 −0.8 Adjustments －0.0 －0.0 ±0 Total 349.1 429.7 ＋80.5 Other current assets 57.9 47.7 −10.1 * Residential…Residential Development Business Noncurrent assets 816.9 819.9 ＋3.0 * Property development…Leasing, Investment Management, and Property Brokerage & CRE Businesses Property, plant and equipment 716.0 730.0 ＋13.9 * Other…Property & Facility Management, Other Businesses Intangible assets 9.3 10.2 ＋0.8 Investments and other assets 91.4 79.5 −11.8 ・Increase associated with the starts of Nomura Fudosan Ginza （Breakdown） Building and Yokohama Nomura Building Investment securities 47.6 40.8 −6.7 Lease and guarantee deposits 19.2 20.4 ＋1.2 Other noncurrent assets 24.5 18.2 −6.3 Liabilities 895.1 908.1 ＋13.0 Current liabilities 288.0 305.1 ＋17.0 （Breakdown） Notes and accounts payable-trade 37.6 48.6 ＋11.0 ・Increase in other accounts payable of construction cost in residential Short-term loans payable, etc. 162.6 154.8 −7.8 development business Deposits received 9.1 25.0 ＋15.9 Other current liabilities 78.6 76.6 −1.9 ・Increase in deposites received due to consignment sales of housing Noncurrent liabilities 607.0 603.0 −4.0 （Breakdown） Bonds payable 23.0 30.0 ＋7.0 Long-term loans payable 431.9 431.9 ±0 Lease and guarantee deposits received 57.1 60.7 ＋3.6 Other noncurrent liabilities 95.0 80.3 −14.7 ＜Total interest-bearing debt＞ 617.5 616.7 −0.8 Net assets 418.6 461.0 ＋42.3 Total liabilities and net assets 1,313.8 1,369.2 ＋55.3

Shareholders' equity ratio 27.1% 28.8% ＋1.7P Debt/equity ratio 1.7 1.6 −0.1 ・Mar 31, 2014: \355.6 billion → Mar 31, 2015: \394.0 billion

Total Assets ： 1,369.2 billion yen Current assets 549.3 Liabilities 908.1 Cash and deposits / Short-term investment securities 50.4 Interest-bearing debt 616.7 Notes and accounts receivable-trade 15.0 Short-term loans payable, etc. 154.8 Inventories 429.7 Bonds payable 30.0 Residential 338.5 Long-term loans payable 431.9 Property development 89.6 Notes and accounts payable-trade 48.6 Other 1.6 Deposits received 25.0 Adjustments －0.0 Other current liabilities 76.6 Equity investments 6.3 Other current assets 47.7 Lease and guarantee deposits received 60.7 Noncurrent assets 819.9 Other noncurrent liabilities 80.3 Property, plant and equipment 730.0 Offices 580.4 Commercial facilities 74.9 Other 74.7 Net assets 461.0 Intangible assets 10.2 Equity 394.0 Investments and other assets 79.5 Subscription rights to shares 1.5 Minority interests 65.4 Inventories Property, plant and equipment Interest-bearing debt Other Other Short-term Property Bonds payable loans payable 1.6 74.7 Current portion 30.0 development 0.4% Retail facilities 49.3 of long-term 10.2% 4.9% 8.0% 89.6 74.9 loans payable 102.5 20.9% 10.3% 16.6% ¥429.7 billion ¥730.0 billion ¥616.7 billion Current portion of bonds Residential 3.0 Offices Long-term loans 338.5 0.5% payable 78.8% 580.4 431.9 79.5% 70.0%

Residential…Residential Development Business Property development…Leasing, Investment Management, and Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 7 Property Brokerage & CRE Businesses Forecasts for FY ending March 31, 2016

 Both operating revenue and operating income are expected to increase due to an increase in property sales to the Group’s affiliated REITs and progress in leasing up of Hamamatsucho Building.

FY15/3 FY16/3 Key Factors of Changes by Segment (Billions of yen) Actual Forecast Changes Property Property & Investment ① ② ②－① Brokerage Facility Leasing Management Operating revenue 567.1 585.0 ＋17.8 & CRE Management Adjustments Residential －0.3 －0.4 Other Residential Development 359.3 357.0 －2.3 Development Leasing 92.8 108.0 ＋15.1 －1.2 ＋0.1 ＋1.3 ＋4.5 Investment Management 9.1 8.0 －1.1 －2.8 Property Brokerage & CRE 30.2 32.0 ＋1.7 ・Operating loss of MEGALOS ・Decrease in internal transactions Property & Facility Management ・Increase in perssonel 85.8 91.0 ＋5.1 expenses including brokerage Other 3.0 1.0 －2.0 fees ・Progress in leasing-up of 73.0 Adjustments －13.3 －12.0 ＋1.3 71.8 Hamamatsucho Building, and increase in property sales Operating income 71.8 73.0 ＋1.1 ・Increase in SG&A and Residential Development 33.8 31.0 －2.8 personnel espeneses Leasing 24.4 29.0 ＋4.5 Investment Management 4.8 4.5 －0.3 Property Brokerage & CRE 8.4 8.0 －0.4 Property & Facility Management 5.7 4.5 －1.2 Other －0.1 0.0 ＋0.1 Adjustments －5.3 －4.0 ＋1.3 Ordinary income 63.6 64.0 ＋0.3 FY15/3 FY16/3 Net income 38.4 38.0 －0.4 Actual Forecast Net income per share (yen) 201.28 198.83 －2.45 Cash dividends per share (yen) 45.00 50.00 ＋5.00

*Figures after changes in segmentation

 Operating income of FY16/3, the final year of Phase I, is expected to be 73.0 billion yen, exceeding the target of 65.0 billion yen.

Changes in Operating Income & Net Income

¥100.0 billion level

¥80.0 billion level ¥74.3 billion ¥71.8 billion ¥73.0 billion ¥65.0 billion Target ¥58.3 billion ¥49.9 billion

Operating income

¥38.4 ¥38.0 billion billion ¥26.8 ¥17.5 ¥19.3 billion Net income billion billion

FY12/3 Actual FY13/3 Actual FY14/3 Actual FY15/3 Actual FY16/3 Forecast FY19/3 Target FY22/3 Target

Phase I Phase II Phase III

Shareholders’ Equity/Shareholders’ Equity Ratio ROA/ROE

 Shareholders’ equity ratio improved to 28.8%.  ROA of 5.4％ and ROE of 10.3％ are the top level in major industry peers.

(billion yen) Shareholders' equity Shareholders' equity ratio ROE ROA 700 12.0% 10.3% 600 10.0% 28.8% 27.1% 500 7.8% 24.5% 8.0% 22.6% 394.0 400 20.7% 355.6 5.7% 5.9% 336.2 317.0 6.0% 304.5 300 5.8% 5.4% 4.6% 4.0% 200 2.9% 3.7% 2.0% 100 1.8%

0 0.0% FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3

ROA＝ (Operating income＋Non-operating income) / Year-end total assets ROE＝ Net income / Shareholders’ equity (as average over the year)

 Aiming to equalize the business portfolio composition ratio by FY22/3.  The Leasing Business is steadily growing as the second driver to the Residential Development Business as the two businesses will account for 40% each in FY16/3.  Going forward, a growth in Service & Management (Investment Management, Property & CRE, and Property & Facility Management) is a key challenge. FY22/3 FY15/3 FY16/3 Business Portfolio Target Actual Forecast

Service & Service & Management Management Service & Residential 22.1% Residential 24.5% Residential Management Development Operating Operating Development Development Income Income 40.3% ¥100.0 billion 43.8% ¥71.8 billion ¥73.0 billion Level

Leasing Leasing 31.7% 37.7% Leasing

*Service & Management = Invest Management, Property Brokerage & CRE, Property & Facility Management, and Other Businesses The composition ratio of consolidated operating income by each business is calculated based on a simple total amount.

 We plan to invest around 500 billion yen in growing business fields by FY22/3 (Phase III), while maintaining financial strength. Expansion Plan of Balance Sheet （billion yen）

2,000 Capital investment capability

Capital investment Around capability 500.0 Capital investment Around 1,500 capability 250.0 Around 100.0 Interest- Interest- Interest- Interest- Interest- Interest- Interest- bearing baering bearing bearing bearing bearing bearing Total debt debt 1,000 debt debt debt Total debt 616.7 Total debt assets 758.5 669.2 617.5 Total assets assets Around Total Total Total assets Around Around 1,850.0 assets assets assets Around 1,600.0 Other 1,450.0 1,402.6 1,369.9 1,313.8 1,369.2 Other Other Other 500 Other Other Other

Shareholders' Shareholders' Shareholders' Shareholders' Shareholders' Shareholders' Shareholders' equity equity equity equity equity equity equity 394.0 317.0 336.2 355.6 0 FY16/3 FY19/3 FY22/3 FY12/3 FY13/3 FY14/3 FY15/3 Forecast Plan Plan Phase I Phase II Phase III Total Assets 1,402.6 1,369.9 1,313.8 1,369.2 Around 1,450.0 Around 1600.0 Around 1850.0 Shareholders' 22.6% 24.5% 27.1% 28.8% 30% Around 30％ Around 30％ Equity Ratio

 We plan to increase dividends four fiscal years in a row. Annual dividend of FY15/3 will be 45 yen (＋10 yen from FY14/3), and FY16/3 will be 50 yen (＋15 yen from FY14/3) in light of business environment and trends in business performance in the future.

(yen) Changes in Annual Dividends 60.0

50.0 45.0

40.0 35.0 30.0 25.0 25.0 25.0

20.0

0.0 FY10/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY16/3 (Forecast) (Forecast) EPS (yen） 25.69 28.74 92.38 101.61 140.70 201.28 198.83

Payout ratio (%) 97.3 87.0 27.1 29.5 24.9 22.4 25.1

 Both operating revenue and income increased year on year mainly due to a record-high housing unit sales. Gross margin ratio of housing sales was 21.1%. (down 0.6 points from FY14/3)

FY14/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Forecast Changes ① ② ②－① ③ ③－② Operating revenue 307.6 359.3 ＋51.7 357.0 −2.3 Housing sales 295.9 332.9 ＋37.0 ― ― Other 11.7 26.3 ＋14.6 ― ― Operating income 31.1 33.8 ＋2.6 31.0 −2.8

【Housing sales indicators】 Housing sales (unit) 6,209 7,021 ＋812 6,500 −521 Condominiums 5,491 6,162 ＋671 5,650 −512 Detached housing 718 859 ＋141 850 ＋9 Tokyo metropolitan area 4,723 5,426 ＋703 5,100 −326 Osaka metropolitan area 930 1,009 ＋79 950 −59 Other area 555 585 ＋30 450 −135 Sold but not recorded housing (unit) 6,189 4,767 −1,422 ― ― Completed housing inventories (unit) 31 89 ＋58 ― ― Average sales price (million yen) 47.65 47.42 −0.23 ― ― Gross margin ratio (％) 21.7% 21.1% －0.6P ― ―

Number of Contracted Housing Units Contract Rates  5,599 units were contracted in FY15/3.  4,092 units (63.0%) have been contracted as of the beginning of FY16/3. (unit) 3,000 (unit) Total of 1Q-4Q End of 3Q End of 2Q End of 1Q Beginning 8,000 7,021 2,500 2,690 7,000 6,209 6,500 96.5% 5,749 2,000 6,000 99.1% 88.3% 2,073 95.7% 99.1% 2,002 82.2% 1,782 5,000 89.0% 1,751 92.8% 1,500 1,714 1,703 4,028 72.2% 1,582 1,567 80.2% 78.6% 1,643 1,418 1,524 1,304 1,453 4,000 1,294 1,302 1,308 98.9% 1,271 1,000 1,195 1,265 3,000 87.3% 60.3% 63.0% 63.5% 500 2,000 48.7% 1,000 0 675 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 1Ｑ 2Ｑ 3Ｑ 4Ｑ 0 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY12/3 FY13/3 FY14/3 FY15/3 FY16/3 FY17/3 (Plan) (Plan) Gross Profit Margin & Number of Housing Units Sold Land Acquisition  Gross profit margin remained high level, absorbing an  Lands for 6,500 units were acquired in FY15/3. increase in construction cost. Land bank for FY16/3 and after is now sufficient for (unit) (unit) Housing sales units Units to be posted 20,500 units. 8,000 7,700 8,000 Gross margin ratio 7,100 7,000 6,700 7,000 23.3% 6,500 6,500 22.5% 21.7% 6,000 6,000 21.1% 5,000 5,000 16.4% 4,000 4,000 7,021 3,000 5,077 6,209 3,000 5,749 2,000 4,028 2,000

1,000 1,000

0 0 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 17 【Reference】Residential Large-scale Redevelopment & Rebuilding Business in Urban Area (1)

 Through our No.1 track record in the industry and a wealth of know-how, we are promoting many redevelopment and reconstruction projects that have potential for growth. Stock for Residential Redevelopment & Major Redevelopment & Rebuilding Projects *JV Project Rebuilding Projects, etc.

No. of Construction schedule Project name units Phase I Phase II Phase III Nationwide site stock is sufficient for (our share) （FY15/3 & FY16/3）（FY17/3 - FY19/3）（FY20/3 - FY22/3） Redevelopment 10,900 units. CAPITAL GATE PLACE* 238 Complete & Rebuilding This breaks down into 4,800 units Pending Projects, etc. for projects accounted for stock, and Complete Tomihisa Cross Comfort Tower* 407 Projects, etc. 4,800 units 6,100 units for pending projects.* 6,100 units Sakurajosui Gardens* 261 Start Complete

PROUD TOWER Tachikawa 292 Start Complete *Stock…Project schedule has been decided. Pending projects…Project schedule has not been decided.

PROUD CITY Asagaya* 312 Start Complete Redevelopment & rebuilding Project Tokyo Metropolitan Area Nagoya Nayabashi East Redevelopment* 214 Start Complete

Tokyo Olympic Athlete's Village* 595 Start Complete

Musashi-Koganei Station South Exit 550 Start Complete Redevelopment

Akasaka Yagenzaka West Redevelopment* 225 Start Complete Nishi-Nippori Higashi-Ikebukuro Station-Front Redevelopment 210 Start Complete Musashi-Koganei Sta. Station-Front South Exit Redevelopment Shakujii-Koen Station South Exit West Redevelopment 200 Start Complete Redevelopment Hirai Sta. North Exit Hirai Station North Exit Redevelopment 250 Start Complete Redevelopment

PROUD TOWER Kawaguchi Sakaecho 3chome Redevelopment 400 Start Complete Tachikawa Tsukishima Nishi-Ojima Station-Front Redevelopment* 420 Start Complete 3chome Minami Redevelopment

Tsukishima 3chome South Redevelopment* 225 Start Complete Tokyo Olympic Athlete’s Village Nishi-Shinjuku 3chome West Redevelopment* 650 Start

Nishi-Nippori Station-Front Redevelopment* 442 Start

All projects are currently in the planning stage and subject to change. Projects underlined and are new projects we participated in FY15/3.

 We newly participated in new station-front complex redevelopment projects including Musashi-Koganei and Nishi-Nippori in FY15/3.  The showroom of PROUD CITY Asagaya, a large-scale rebuilding project close to the center, will open in May. Musashi -Koganei Sta. South Exit Complex Redevelopment PROUD CITY Asagaya

京急蒲田駅

Location: Koganei-shi, Tokyo Asagaya Sta. Location: Suginami-ku, Tokyo Musashi-Koganei Sta. Area slated for development: Area slated for development:

PROUD Approx. 1.8ha Approx. 4.3ha TOWER Musashi- Total number of housing units: Total number of housing units: Ito Yokado Koganei Approx. 650 units 575 units Our share: Approx. 550 units Our share: 312 units Minami-Asagaya Sta. Retail (planned to be acquired): Access: 5 min walk from Minami- Planned Approx. 12,000㎡ Asagaya Staion, 13 min walk from site Access: 3 min walk from Musashi- Asagaya Station Koganei Station Planned Delivery: April to September, 2016 site Schedule: Start development from *JV Project 2017, complete in 2020 All projects are currently in the planning stage and subject to change. 19 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 【Reference】Major Projects Upcoming

FY16/3 FY17/3 FY18/3 FY19/3～ CAPITAL GATE PLACE Tsurumaki 5chome Project PROUD TOWER Kiba-Koen Shirokane 1chome East District North Redevelopment Project (Chuo-ku, Tokyo 238 units *2) (Setagaya-ku, Tokyo 174 units) (Koto-ku, Tokyo 204 units) (Minato-ku, Tokyo 130 units *2)

Tomihisa Cross Comfort Tower PROUD CITY Asagaya Komagome Project Roka-Koen Project (Shinjuku-ku, Tokyo 407 units *2) (Suginami-ku, Tokyo 312 units *2) (Kita-ku, Tokyo 105 units) (Setagaya-ku, Tokyo 154 units *2)

Sakurajosui Gardens Nishi-Rokugo Project Musashino Nakacho 3chome Project Higashi-Ikebukuro 5chome Redevelopment (Setagaya-ku, Tokyo 261 units *2) (Ota-ku, Tokyo 632 units *1) (Musashino-shi, Tokyo 333 units *1) Project (Toshima-ku, Tokyo 116 units)

PROUD CITY Kaga-Gakuen-dori PROUD TOWER Tachikawa Fuchu South Exit Redevelopment Project Urawa Station West Exit South Redevelopment (Itabashi-ku, Tokyo 363 units *1) (Tachikawa-shi, Tokyo 292 units) (Fuchu-shi, Tokyo 111 units) Project (Urawa-ku, Saitama-shi 175 units *2)

OHANA Hachioji Oak Court PROUD CITY Miyazakidai Inagi Minamiyama East District Land Tsudanuma Station-Front Project Readjustment Project (Hachioji-shi, Tokyo 346 units) (Miyamae-ku, Kawasaki-shi 429 units) (Tsudanuma-shi, Chiba 187 units *2) (Inagi-shi, Tokyo 498 units (detached house) *1)

PROUD CITY Tsukaguchi PROUD CITY Shiki-Honcho Nagoya Nayabashi East District Redevelopment Koraibashi 2chome Project (Amagasaki-shi, Hyogo 720 units *1,2) (Shiki-shi, Saitama 402 units) Project (Naka-ku, Nagoya-shi 214 units *2) (Chuo-ku, Osaka 166 units *2)

*1 Projects to be posted in several fiscal years *2 Joint-venture projects (The number refers to the Company’s share.) Unit numbers and schedule of projects above are subject to change.

 Both operating revenue and income decreased due a partial moving-out of Toshiba Corporation from Hamamatsucho Building and a decrease in property sales. Vacancy rate as of the end of fiscal year was 4.5%. The leasing up of the Hamamatsucho Building is improving steadily. FY14/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Forecast Changes ① ② ②－① ③ ③－② Operating revenue 99.8 92.8 −6.9 108.0 ＋15.1 Leasing (offices) 48.1 46.5 −1.5 ― ― Leasing (retail facilities) 10.5 10.3 −0.2 ― ― Leasing (other) 5.1 5.5 ＋0.4 ― ― Property development 25.6 16.0 −9.5 ― ― Other 10.4 14.4 ＋3.9 ― ― Operating income 26.8 24.4 −2.3 29.0 ＋4.5 Rentable floor area (sqm) 855,197 928,628 ＋73,432 ― ― Offices 748,596 822,049 ＋73,453 ― ― Retail facilities 106,601 106,580 −21 ― ― Vacancy rate 2.9% 4.5% ＋1.6P ― ― * Leasing (offices) includes subleasing properties 【Reference】 Rent revenue change analysis Changes Newly completed buildings ＋3.4 LAZONA Kawasaki Toshiba Building, etc. Existing buildings −4.3 Hamamatsucho Building (Toshiba Building), etc. Sold / Termination −0.9 Termination of sublease agreements for some sublease properties, etc. Changes in Vacancy Rate (our portfolio) Breakdown of Property Development 8.0% Vacancy Rate (Tokyo metropolitan area) Vacancy Rate (Nation-wide) 7.1% (billion yen) 7.0% 7.0% 6.3% 5.8% 6.0% 6.3% 3 5.0% properties 5.0% 4.4% 4.5% 4.9% 4.1% 4.0% sold 4.0% 3.8% 4.2% 4.2% 4.0% 3.3% 3.0% 2.9% 2.9% 2.9% 12.3 3.0% 2.8% 2.3% 2.2% 2.2% 2.1% 2.2% 2.9% 1.9% 2.0% 2.4% 2.4% 2.5% 2.4% 1.9% 2.0% 2.0% 1.0% 1.3% 5.6 1.1% 1.2% Rent, etc. 1.0% 0.9% 4.0 0.0% 3.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Operating Operating Operating FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 revenue gross profit income Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 21 【Reference】Promotion of Large-scale Office & Retail Redevelopment & Complex Development in Central Tokyo (1)

 Planning the redevelopment business of offices, retail facilities and others mainly in central Tokyo area.

Major Large-scale Redevelopment & Complex Development (Office & Retail)

Area & No. of Construction schedule Central Tokyo Area Project name Main use units planned to Phase I Phase II Phase III be acquired （FY15/3 & FY16/3）（FY17/3 - FY19/3）（FY20/3 - FY22/3） Ikebukuro

Yokohama Nomura Building 81,656㎡ Office Start Complete *Construction started (gross) Mejiro Soto-Kanda 1chome Toranomon 1chome Redevelopment Redevelopment (Designated as National Strategic Special Office Approx. 11,000㎡ Start Complete Ueno Iidabashi East Gate Zone) Complete Redevelopment

Soto-Kanda 1chome Office Approx. 31,000㎡ Start Complete Redevelopment Retail Approx. 5,500㎡ Akihabara Shinjuku Kanda Office Approx. 11,000㎡ Nihonbashi 1chome Iidabashi East Exit Redevelopment Start Complete Shinjuku- Imperial Residential Approx. 150 units Nishi-Shinjuku Central District 3chome West gyoen RedevelopmentPalace Redevelopment Toranomon 1chome Tokyo Nishi-Shinjuku 3chome West Retail Approx. 15,000㎡ Start Redevelopment Redevelopment* Residential Approx. 650 units Harajuku Nishi-Azabu 3chome Nishi-Azabu 3chome Redevelopment* Retail Redevelopment Nomura Fudosan (Proposed for National Strategic Special TBD TBD Ginza Building Residential Tokyo Tower Zone) Shibuya Shinbashi Sta. West Rebuilding Exit District Hamamatsucho Shinbashi Station West Exit District Office Redevelopment TBD TBD Redevelopment* Retail Yokohama Area Tamachi Shibaura 1chome Shibaura 1chome Rebulding* Office (Proposed for National Strategic Special TBD TBD Rebuilding Retail Zone) Yokohama Nomura Nihonbashi 1chome Central District Building Office TBD TBD Shinagawa Redevelopment* Yokohama Minatomirai Shin-Takashima Nomura Fudosan Ginza Building Sakuragicho Office TBD TBD Rebuilding (Ginza MTR Building)* Takashimacho Sakuragicho

*JV Project All projects are currently in the planning stage and subject to change. Projects underlined and are new projects we participated in FY15/3.

Yokohama Nomura Building Toranomon 1chome Redevelopment *Construction started in March 2015 *Designated as National Strategic Special Zone Kasumigaseki Common Gate Kasumigaseki Building

Planned Kotohira Tower building

Toranomon First Garden

Sotobori-dori Ave.

Tochinoki-dori Ave. Planned Shin-Takashima site

Planned Planned site site

Location: Toranomon 1chome, Minato-ku No. of floors: 21 floors above ground / 3 floors below Redevelopment area: Approx. 0.4ha Area to be acquired: Approx. 11,000㎡ Location: Schedule (plan): Start development from in 2017, complete in 2020 Block No. 46, Minato Mirai 21 Central District, Yokohama-shi, Kanagawa No. of floors: 17 floors above ground Development area: Approx. 0.9ha Total floor area: 81,656㎡ *All projects are currently in the planning stage and subject to change. Schedule (plan): Complete in 2017 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 23 【Reference】Expansion of Property Development Business & Mutual Growth in Corporation with the Group’s Affiliated REITs (1)

 Aim to expand AUM to 130 billion yen by FY19/3 of Phase II, while selling properties.  Pursue increase in assets, accelerate mutual growth in cooperation with the Group’s affiliated REITs, and increase property management fees. Expansion Plan of Property Development (billion yen) 130.0 130.0 FY15/3 Phase I Phase II Phase III 140 (Billions of yen) AUM (FY16/3) (FY17/3 - FY19/3) (FY20/3 - FY22/3) 120 PMO (office) 29.0 35.0 50.0 50.0 90.0 100

GEMS/NSC (retail) 9.7 15.0 25.0 25.0 60.5 80 PROUD FLAT 60 Landport (logistics) 8.7 25.0 35.0 35.0 Landport 40 GEMS, etc. PROUD FLAT (residential) 13.0 15.0 20.0 20.0 20 PMO Expected AUM 60.5 90.0 130.0 130.0 0 FY15/3 Phase I Phase II Phase III

REITs Managed by the Group AUM Sale of (as of Mar. 31, 2015) Lineup for property

Property Development Nomura Real Estate Office Fund ¥440.5 billion Investors Office Logistics Nomura Real Estate Master Fund ¥276.6 billion Asset management

Nomura Real Estate Residential Fund ¥171.1 billion

Residential Retail

Nomura Real Estate Private REIT ¥122.6 billion

Office “PMO” Residential “PROUD FLAT”

…Newly acquired in FY15/3 Ueno … Newly acquired in FY15/3 …Existing project …Existing project …Entrusted project

Ueno Imperial Palace Shinjuku Tokyo 入手中 Tokyo

Toyosu

Shinagawa Hamamatsucho

Haneda Central Tokyo Area PROUD FLAT PROUD FLAT Central Tokyo Area PMO Nihonbashi- PMO Shibakoen Tsurumi I Sangenjaya II Kayabacho Name Location Completion Status Name Location No. of units Completion Status PMO Tamachi Shiba, Minato-ku 2014/2 Operation PROUD FLAT TsurumiⅠ Yokohama-shi, Kanagawa 200 units 2009/3 Sold PMO Ginza 8chome Ginza, Chuo-ku 2014/4 Operation PROUD FLAT SangenjayaⅡ Setagaya-ku, Tokyo 70 units 2014/1 Operation PMO Shibakoen Shibakoen, Minato-ku 2014/7 Operation PROUD FLAT Hatchobori Chuo-ku, Tokyo 33 units 2014/6 Operation PMO Nihonbashi-Kayabacho Nihonbashi-Kayabacho, Chuo-ku 2014/8 Operation PROUD FLAT Itabashi-Honcho Itabashi-ku, Tokyo 41 units 2014/7 Operation PMO Shibadaimon Shibadaimon, Minato-ku 2014/9 Operation PROUD FLAT OmoriⅢ Shinagawa-ku, Tokyo 49 units 2014/11 Operation PMO Hirakawacho Project Hirakawacho, Chiyoda-ku 2016/1 (plan) Construction PROUD FLAT Kinshicho Sumida-ku, Tokyo 36 units 2015/1 Operation PMO Nihonbashi-Mitsukoshimae Project Nihonbashi-Honcho, Chuo-ku 2016/5 (plan) Construction PROUD FLAT Higashi-Nakano Nakano-ku, Tokyo 49 units 2015/2 Operation PMO Nihonbashi Edo-dori Project* Nihonbashi-Kodenmacho, Chuo-ku 2016/6 (plan) Construction PROUD FLAT KagurazakaⅢ Shinjuku-ku, Tokyo 35 units 2015/4 Operation PMO Nihonbashi-Kabutocho Project Nihonbashi-Kabutocho, Chuo-ku 2016/10 (plan) Construction PROUD FLAT Higashi-Kanda Chiyoda-ku, Tokyo 38 units 2015/5 (plan) Construction PMO Hanzomon Project (Entrusted) Kojimachi, Chiyoda-ku 2017/2 (plan) Construction PROUD FLAT Mitsukoshimae Chuo-ku, Tokyo 40 units 2015/7 (plan) Construction PMO Nishi-Shinbashi Project Nishi-Shinbashi, Minato-ku 2017/2 (plan) Construction PROUD FLAT GakugeidaigakuⅡ Meguro-ku, Tokyo 36 units 2015/9 (plan) Construction PMO Shinjuku-Gyoen Project (Entrusted) Shinjuku, Shinjuku-ku 2018/6 (plan) Construction Chitose 2chome Project (Entrusted) Sumida-ku, Tokyo 47 units 2015/10 (plan) Construction PMO Nihonbashi-HonchoⅡ Project Nihonbashi-Honcho, Chuo-ku 2016/11 (plan) Construction PROUD FLAT SugamoⅡ Toshima-ku, Tokyo 33 units 2015/12 (plan) Construction PMO IwamotochoⅡ Project Kanda-Sudacho, Chiyoda-ku 2016/12 (plan) Construction PROUD FLAT Ochanomizu Chiyoda-ku, Tokyo 75 units 2016/5 (plan) Construction PMO Uchi-Kanda Project Uchi-Kanda, Chiyoda-ku 2017/6(plan) Construction PROUD FLAT Yoyogi-Hachiman Shibuya-ku, Tokyo 30 units 2016/1 (plan) Construction PMO Shibuya 1chome Project Shibuya, Shibuya-ku 2017/5 (plan) Construction PROUD FLAT Noborito Kawasaki-shi, Kanagawa 79 units 2016/5 (plan) Construction *JV project Property acquired in FY15/3 Property acquired in FY15/3

Retail Facilities “GEMS” Logistics Facilities “Landport”

Landport Iwatsuki GEMS Daimon GEMS Ichigaya Nomura Fudosan Kichijoji Building GEMS … Newly acquired in FY15/3 … Newly acquired in FY15/3 Landport Landport Shinjuku Kanda Imperial … Existing project Iwatsuki Kashiwanuma- … Existing project GEMS GEMS Palace MinamiⅡ Nishi- Ichigaya Tokyo Seikei ES Landport Shinjuku Takatsuki Seikei Univ.

GEMS Nomura Fudosan Daimon Kichijoji Building Landport Kashiwanuma- JR Chuo Line Kichijoji Landport Hamamatsucho Mitaka MinamiⅠ GEMS HachiojiⅡ GEMS Osaka Ebisu Tamachi Central Tokyo Area Inokashira Park

Name Location Completion Status Name Location Completion Status

Nomura Fudosan Kichijoji Building Kichijoji-Honcho, Musashino-shi 2014/7 Operation Landport Kashiwanuma-MinamiⅡProject Kashiwa-shi, Chiba 2016/4 (plan) Construction GEMS Ichigaya Rokubancho, Chiyoda-ku 2014/10 Operation Landport HachiojiⅡ Project Hachioji-shi, Tokyo 2016/9 (plan) Construction

GEMS Shibadaimon Project Shibadaimon, Minato-ku 2016/2 (plan) Construction Landport Kashiwanuma-MinamiⅠ Project Kashiwa-shi, Chiba 2016/1 (plan) Construction GEMS Kanda Project Kachijo, Chiyoda-ku 2016/6 (plan) Construction Landport Iwatsuki Project Saitama-shi, Saitama 2016/5 (plan) Construction GEMS Ebisu Project Ebisu, Shibuya-ku 2017 (plan) Planning Landport Takatsuki Project Takatsuki-shi, Osaka 2017/6 (plan) Construction GEMS Tamachi Project Shiba, Minato-ku 2017/10 (plan) Planning Landport Komaki Project* Komaki-shi, Aichi 2017/1 (plan) Planning GEMS Nishi-Shinjuku Project Shinjuku-ku (Nishi-Shinjuku area) 2017 (plan) Planning *JV project Property acquired in FY15/3 Property acquired in FY15/3 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 26 【Reference】The Group’s Major Buildings

Leased floor area Name Location Completion *Our share 1 Yokohama Business Park Hodogaya-ku, Yokohama-shi, Kanagawa 152,393㎡ 1990/1, etc. 2 Hamamatsucho Building (Toshiba Building) Minato-ku, Tokyo 99,654㎡ 1984/3 3 LAZONA Kawasaki Toshiba Building Saiwai-ku, Kawasaki-shi, Kanagawa 78,609㎡ 2013/3 4 LAZONA Kawasaki Plaza Saiwai-ku, Kawasaki-shi, Kanagawa 46,988㎡ 2006/9 5 Shinjuku Nomura Building Shinjuku-ku, Tokyo 31,466㎡ 1978/5 6 Fukagawa GATHARIA Tower N Koto-ku, Tokyo 27,688㎡ 2007/1 7 Nomura Fudosan Tennozu Building Shinagawa-ku, Tokyo 24,374㎡ 1996/6 8 Nihonbashi Muromachi Nomura Building Chuo-ku, Tokyo 22,259㎡ 2010/9 9 Nomura Fudosan Musashikosugi Building N Wing & S Wing Nakahara-ku, Kawasaki-shi, Kanagawa 20,519㎡ 2010/3 10 Umeda Sky Building Kita-ku, Osaka-shi, Osaka 19,234㎡ 1993/3 11 bono Sagamiono Shopping Center Minami-ku, Sagamihara-shi, Kanagawa 16,359㎡ 2013/1

LAZONA Kawasaki Fukagawa Toshiba Building GATHARIA Tower N

Hamamatsucho Building Nihonbashi Muromachi Shinjuku Nomura Building Nomura Fudosan (Toshiba Building) Nomura Building Musashikosugi Building N Wing

LAZONA Kawasaki Plaza Yokohama Business Park bono Sagamiono Shopping Center Umeda Sky Building Nomura Fudosan Tennozu Building Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 27 【Segment Information: Investment Management Business 】

 Both operating revenue and income decreased due to a rebound from the recording of asset acquisition fee related to IPO of Nomura Real Estate Master Fund and capital gain of property sales in FY14/3.

FY14/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Forecast Changes ① ② ②－① ③ ③－② Operating revenue 18.3 9.1 −9.1 8.0 −1.1 Operating income 7.9 4.8 −3.0 4.5 −0.3

Assets under management 1,132.2 1,123.1 −9.0 ― ― REITs 941.3 1,011.0 ＋69.6 ― ― Private funds, etc. 190.8 112.1 −78.7 ― ―

Changes in Assets under Management Breakdown of Revenue (billion yen) Joint Ventures, etc. REITs Private Funds, etc. Operating revenue: ¥9.1 billion 1,400 Dividend,

1,200 1123.1 etc. 1.8

1,000 Rent 1.3

800 8.2 600 Fee income 400 4.8 5.8 200

0 Operating Operating Operating (FY) 00/3 01/3 02/3 03/3 04/3 05/3 06/3 07/3 08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 revenue gross profit income Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 28 【Segment Information: Property Brokerage & CRE Business】

 Both operating revenue and income increased due to a increase in commission fees of wholesale brokerage. FY14/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Forecast Changes ① ② ②－① ③ ③－② Operating revenue 29.1 30.2 ＋1.0 32.0 ＋1.7 Property brokerage 24.5 25.8 ＋1.3 ― ― Other 4.6 4.3 −0.2 ― ― Operating income 8.1 8.4 ＋0.3 8.0 −0.4

【Brokerage indicators】 Total transaction value (billion yen) 672.7 710.9 ＋38.2 ― ― Number of transactions 7,437 7,174 −263 ― ― Commission fee (billion yen) 24.5 25.8 ＋1.3 ― ― Commission rate (%) 3.6% 3.6% －0.0P ― ― Number of retail stores 56 62 ＋6 ― ―

Total Transaction Value & No. of Stores & Commission Fee of Retail Sector (billion yen) (billion yen) No. of Transactions of Property Brokerage (No. of stores) 20.0 62 800 7,437 8,000 7,174 56 60 16.0 6,494 50 5,774 672.7 710.9 600 5,762 6,000 No. of stores 4Q 43 540.6 4Q 12.0 39 40 452.9 425.2 4Q 400 4Q 4,000 4Q 3Q 3Q 8.0 3Q Commission fee 3Q 3Q 20 200 2Q 2Q 2,000 2Q 4.0 2Q 2Q

1Q 1Q 1Q 1Q 1Q 0 0 0.0 0 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 29 【Segment Information: Property & Facility Management Business】

 Operating income increased due to an increase in fee income from office and condominium management, while operating revenue decreased due to a decrease in income from construction ordered . FY14/3 FY15/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Actual * Forecast Changes ① ② ②－① ③ ④ ④－③ Operating revenue 72.1 71.6 −0.5 85.8 91.0 ＋5.1 Property & facility management 48.7 49.7 ＋1.0 ― ― ― Construction ordered 23.4 21.8 −1.5 ― ― ― Operating income 5.1 5.4 ＋0.3 5.7 4.5 −1.2

Buildings under management 703 729 ＋26 ― ― ― Housings under management 147,516 155,706 ＋8,190 ― ― ― *Figures after changes in segmentation

Buildings & Housings under Management Promotion of PPP (Public–Private Partnership*) Business

(thousand units)  We manage the Sendai International Center, the largest convention 800 200 center in Tohoku district.

155 147 750 137 150 127 130 729 723 703 696 700 684 100

Location: Aoba-ku, Sendai-shi 1 floor underground, 3 floors 650 50 above ground (partially 4 stories) Site area: 72,370㎡, Total floor area: 29,026㎡

600 0 *PPP is a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. FY11/3 FY12/3 FY13/3 FY14/3 FY15/3 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved. 30 【Segment Information: Other Business】

 Both operating revenue and income decreased due to a decrease in the sale of inventories managed by Nomura Real Estate Development. FY14/3 FY15/3 FY15/3 FY16/3 (Billions of yen) Actual Actual Changes Actual * Forecast Changes ① ② ②－① ③ ④ ④－③ Operating revenue 18.6 17.7 −0.8 3.0 1.0 −2.0 Operating income 0.5 0.1 −0.3 −0.1 0.0 ＋0.1

Members of MEGALOS 141,564 140,395 −1,169 ― ― ―

Number of clubs 27 29 ＋2 ― ― ― *Figures after changes in segmentation Newly Opened MEGALOS Wholly-Owning of MEGALOS

 We decided to conduct TOB to wholly own MEGALOS.

Nomura Real Estate HD

100％ owning 100％ owning 53％ owning

Nomura Real Estate Nomura Real MEGALOS Dayos24 Unoki-Ekimae Partners, etc. Estate Wellness Listed on JASDAQ (Opened in June 2014) Property & Facility Other Segment Management Segment TOB (& Share exchange)

100％ owning 100％ owning 100％ owning

Nomura Real Estate Nomura Real MEGALOS Partners , etc. Estate Wellness (Delisted)

Comprehensive business promotion within property & facility management segment

MEGALOS Nakanobu Dayos24 Idogaya (Planned to open in May 2015) (Opened in October 2014)

 We are to work on full-fledged new businesses including senior and overseas toward next growing stage. Senior Business Overseas Business  Nomura Real Estate Wellness Co., Ltd. was established in April 2015.  NOMURA REAL ESTATE ASIA PTE. LTD. was established in April 2015.  We will make a full-scale entry to planning, development and  Going forward, we are to explore development (sale/owning) opportunities in management business of housing and service for seniors, aiming to China and ASEAN countries, and support high-net-worth foreign investors to develop 40 facilities (5,000 units) in 10 years. invest in Japan. The Group’s Bases in Asia

Nomura Nomura Real Nomura Real MEGALOS Real Estate Nomura Real Estate Asset Estate Partners Development Estate Wellness Health Management Facility maintenance & Development & Planning & Management of management rehabilitation Nomura Real Estate owning management private funds & service REITs Consulting (Beijing)

Group’s Collaboration in Senior Business Beijing China Nomura Real Housing for Seniors The 1st Project Estate Group Planned to develop near Eco-friendly town development project “Funabashi Morino City.” Hong Kong AEON MALL Funabashi Nomura Real Estate Tobu Noda Line Funabashi General Urban Net Shin-Funabashi Hospital Sta. Hong Kong Office PROUD Funabashi ASEAN

Singapore

Planned site NOMURA REAL ESTATE ASIA PROUD Funabashi Block 1 to 5 (JV of NRE & Mitsubishi Corporation) 1chome, Kita-Honcho, Funabashi-shi, Chiba / Total No. of housing units: 1,497 / Completion: 2013 to 2014 33 Copyright (c) 2015 Nomura Real Estate Holdings, Inc. All rights reserved.

Corporate Governance Transition to a Company with Audit Committee

 We are planning to shift to a company with Audit Committee if approved at the shareholders’ meeting to be held in June 2015.

 We will shift to a governance structure will lead to the enhancement of monitoring and reinforce governance capability with five External Directors.

Image of Transition to a Company with Audit Committee

Current Organization New Organization General Meeting of General Meeting of Shareholders Shareholders Appointment/ Appointment/ Appointment/ Appointment/ dismissal dismissal Board of Directors (8 persons) dismissal dismissal Board of Directors (13 persons) 6 Directors Audit Committee (5 persons) 1 External Director (Non-independent) 1 External Director (Independent) 2 Directors 3 External Directors (Independent) Audit Audit & Supervisory Board (5 persons) Hold voting right

2 Audit & Supervisory Board Members Audit/ 1 External Audit & Supervisory Board Member 6 Directors supervisory 2 Independent External Audit & Supervisory 1 External Director (Non-independent) Board Members 1 External Director (Independent) No voting right

 2 External Directors 5 External Directors  Term: Audit & Supervisory Board Member: 4 years Director and Audit Committee Member: 2 years Director : 2 years Other Director: 1 year

Nomura Real Estate Holdings, Inc. Corporate Communications & Investor Relations Dept.

General Manager Naoko Usami Deputy General Manager Yusuke Hirano Manager Yoshie Kobayashi Manager Kensuke Ueha Hideaki Chikusa Yumiko Kawamoto Akari Nishiyama

TEL +81-3-3348-8117 E-mail info＠nomura-re-hd.com

This document has been prepared for the purpose of information only, and should not be construed as an offer, solicitation or commercial conduct of any nature associated with any specific products. The forward-looking statements with respect to the future financial results contained in this document should not be construed as a guarantee of actual performance in the future. Although the information contained in this document is intended to be complete and thorough, there is no assurance of precision and safety of the same. Please note that the contents of this document is subject to change or cancellation without prior notice. It is prohibited to make duplication, reproduction, distribution or use of any part or whole of the information contained in this document without express written consent.